Starwood Reports Fourth Quarter 2012 Results

Owned, Leased and Consolidated Joint Venture Hotels

Worldwide REVPAR at Starwood Same-Store Owned Hotels increased 1.2% in constant dollars (0.8% in actual dollars) when compared to 2011. REVPAR at Starwood Same-Store Owned Hotels in North America increased 0.6% in constant dollars (1.4% actual dollars). Internationally, Starwood Same-Store Owned Hotel REVPAR increased 1.7% in constant dollars (0.2% in actual dollars).

Revenues at Starwood Same-Store Owned Hotels Worldwide increased 0.2% in constant dollars (decreased 0.1% in actual dollars) while costs and expenses increased 1.7% in constant dollars (1.1% in actual dollars) when compared to 2011. Margins at these hotels decreased approximately 90 basis points.

Revenues at Starwood Same-Store Owned Hotels in North America increased 0.3% in constant dollars (1.1% in actual dollars) while costs and expenses increased 1.2% in constant dollars (1.9% in actual dollars) when compared to 2011. Margins at these hotels decreased approximately 60 basis points.

Internationally, revenues at Starwood Same-Store Owned Hotels increased 0.1% in constant dollars (decreased 1.3% in actual dollars) while costs and expenses increased 2.3% in constant dollars (0.4% in actual dollars) when compared to 2011. Margins at these hotels decreased approximately 130 basis points.

Revenues at owned, leased and consolidated joint venture hotels were $418 million, compared to $439 million in 2011. Expenses at owned, leased and consolidated joint venture hotels were $334 million compared to $346 million in 2011. Fourth quarter results were negatively impacted by asset sales since the fourth quarter of 2011.

For the full year 2012, Worldwide REVPAR at Starwood Same-Store Owned Hotels increased 2.6% in constant dollars (0.1% in actual dollars) when compared to the full year 2011. Margins at these hotels increased approximately 40 basis points.

Vacation Ownership

Total vacation ownership revenues increased 6.6% to $146 million in the fourth quarter of 2012 when compared to 2011, primarily due to increased revenues from resort operations. Originated contract sales of vacation ownership intervals and numbers of contracts signed decreased 2.3% and 0.8%, respectively, primarily due to lower tour flow and average price partially offset by a slight increase in closing efficiency. The average price per vacation ownership unit sold decreased 1.1% to approximately $14,400, driven by inventory mix.

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